How Does Tilray Brands Make its Money?
Tilray Brands is one of the world’s largest cannabis companies by revenue and the leading cannabis company in Canada, Germany, and several other international markets. The company has diversified beyond cannabis into craft beer (acquiring eight US craft beer brands including SweetWater, Montauk, and Alpine Beer), spirits (Breckenridge Distillery), and wellness products (Manitoba Harvest hemp foods). In cannabis, Tilray operates in the Canadian adult-use and medical markets, the European medical cannabis market (where it is the largest player), and positions itself for eventual US federal legalization. The company’s ‘cannabis plus’ strategy — building beverage and wellness platforms that could quickly pivot to selling cannabis products if legalization occurs — is designed to give Tilray a first-mover advantage in the US market.
Tilray Brands (TLRY) Business Model
Tilray Brands operates in the cannabis sector. Below is a summary of Tilray Brands’ revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from Tilray Brands’ 2024 fiscal year filings with the SEC.
Tilray Brands Competitors
Tilray Brands’s key competitors and comparable public companies in the cannabis sector include Constellation Brands, Anheuser Busch Inbev, Pfizer, and Coca-Cola. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Tilray Brands stacks up by comparing their revenue breakdown, margins, and growth metrics.
Tilray Brands Competitors
Tilray Brands’s key competitors and comparable public companies in the cannabis sector include Constellation Brands, Anheuser Busch Inbev, Pfizer, and Coca-Cola. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how Tilray Brands stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Cannabis (Canadian Adult-Use & Medical) | $250 | $260 | -3.8% |
| Cannabis (International) | $80 | $65 | +23.1% |
| Beverage Alcohol (Craft Beer, Spirits) | $250 | $230 | +8.7% |
| Wellness (Hemp Foods, CBD) | $50 | $50 | +0.0% |
| Total Revenue | $700 | $630 | +11.1% |
Cannabis (Canadian Adult-Use & Medical) — 36% of Revenue
Cannabis (International) — 11% of Revenue
Beverage Alcohol (Craft Beer, Spirits) — 36% of Revenue
Wellness (Hemp Foods, CBD) — 7% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $700 | $630 |
| Cost of Revenue | $450 | $420 |
| Gross Profit | $250 | $210 |
| Operating Expenses | $350 | $400 |
| Operating Income | $-100 | $-190 |
| Net Income | $-150 | $-1,400 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 35.7%
- Operating Margin: -14.3%
- Revenue Growth: 11.1%
Is Tilray Brands Profitable?
Tilray Brands (TLRY) profitability depends on the reporting period and business cycle. Review the income statement above for the latest figures.
What to Watch
- US federal cannabis legalization or rescheduling — the biggest possible catalyst
- European medical cannabis market expansion, particularly Germany and France
- Beverage alcohol portfolio growth as a hedge while waiting for US cannabis legalization
- Path to positive free cash flow and operating profitability
Tilray Brands (TLRY) Financial Summary
Tilray Brands (TLRY) is a cannabis company that generated $700 in total revenue in fiscal year 2024. Revenue grew 11.1% year-over-year. For a deeper look at Tilray Brands’ revenue breakdown, business segments, and financial performance, review the detailed analysis above.